GameStop raised more than $2 billion after selling 75 million shares, the video game retailer said Tuesday.
The sales of the shares stemmed from an at-the-market equity offering program that GameStop announced earlier in the month.
"GameStop intends to use the net proceeds from the ATM Program for general corporate purposes, which may include acquisitions and investments," the retailer said.
The GameStop logo is seen on display at the New York Stock Exchange during afternoon trading on June 3, 2024, in New York City. (Photo by Michael M. Santiago/Getty Images / Getty Images)
It marked the second at-the-market equity offering that GameStop has conducted in the past month, following a smaller one involving 45 million shares in May. That grossed $933.4 million, the retailer said in a Securities and Exchange Commission (SEC) filing.
Proceeds from the May stock sale were also intended for "general corporate purposes."
Both stock sales came as GameStop received heightened attention and experienced stock price fluctuations due to meme stock retail trader Keith Gill becoming active again on his "Roaring Kitty" social media accounts.